Custodian Banking Services Draft Solicitation
ID: 16PBGCType: Special Notice
Overview

Buyer

PENSION BENEFIT GUARANTY CORPORATIONPENSION BENEFIT GUARANTY CORPORATIONPENSION BENEFIT GUARANTY CORPWASHINGTON, DC, 20005, USA

NAICS

Trust, Fiduciary, and Custody Activities (523991)

PSC

SUPPORT- MANAGEMENT: ACCOUNTING (R703)

Original Source

https://sam.gov/opp/a3ab6c9c97d442a79b40f660fd1fa117/view
Timeline
    Description

    The Pension Benefit Guaranty Corporation (PBGC) is issuing a draft Request for Proposal (RFP) for Custodian Banking Services, aimed at securing comprehensive custody services for managing approximately $68.1 billion in pension plan assets. The selected custodian bank will be responsible for asset safekeeping, transaction processing, performance measurement, and compliance with U.S. GAAP and federal regulations, ensuring robust financial management and accountability. This opportunity is critical for maintaining the integrity and security of pension assets, which are vital for millions of beneficiaries. Interested parties can direct inquiries to primary contact Diahanna A. Bradley at bradley.diahanna@pbgc.gov or secondary contact Au Nguyen at nguyen.au@pbgc.gov, with the understanding that this draft solicitation is for informational purposes only and does not commit the government to contract for any services.

    Point(s) of Contact
    Diahanna A. Bradley
    bradley.diahanna@pbgc.gov
    Au Nguyen
    nguyen.au@pbgc.gov
    Files
    Title
    Posted
    DRAFT PBGC Request for Proposal 16PBGC24R0010 - Custodian Banking Services.pdf
    The Pension Benefit Guaranty Corporation (PBGC) is issuing Request for Proposal (RFP) 16PBGC24R0010 for Custodian Banking Services. This solicitation invites all open market companies to submit proposals to support the PBGC's Financial Operations Department. Governed by Federal Acquisition Regulation (FAR) Parts 12 and 15, the contract will be a hybrid of Fixed Rate/Variable Quantity and Firm-Fixed-Price types. The contractor will provide comprehensive custodian banking services described in detail within the Statement of Work (SOW) attached to the RFP. The anticipated contract term includes a 12-month Base Period followed by nine one-year Option Periods. Evaluation will occur in two phases: Phase I includes a pass/fail questionnaire, while Phase II assesses the technical and pricing proposals. Key personnel, including a Client Relationship Manager and an On-Site Consultant, must possess specific qualifications. The RFP also outlines rigorous requirements for inspections, contract administration, performance metrics, and maintaining compliance with information security protocols. The solicitation emphasizes thorough documentation and clear communication throughout the proposal process, ensuring all submissions are comprehensive and relevant to PBGC's operational needs.
    DRAFT PBGC Request for Proposal 16PBGC24R0010 Attachment 1 - Statement of Work.pdf
    The Pension Benefit Guaranty Corporation (PBGC) is seeking proposals for custodian banking services under Request for Proposal 16PBGC24R0010. The purpose of this RFP is to secure comprehensive custody services to manage pension plan assets covered by PBGC's Trust Funds, currently valued at approximately $68.1 billion. Key responsibilities include full accounting for these assets, transaction processing, and providing performance measurement services, all compliant with U.S. GAAP and relevant federal regulations. The scope of work encompasses various aspects such as asset safekeeping, income collection, and administrative support for investment managers. Additionally, the custodian bank is required to maintain robust information security protocols and provide ongoing reporting capabilities through a secure web interface. A consultant will also be embedded within PBGC to facilitate communication and provide strategic support. Overall, this document outlines the expectations for custodial services, emphasizing the importance of operational efficiency, compliance, timely reporting, and effective communication as integral to the management and safeguarding of pension assets for millions of beneficiaries.
    DRAFT PBGC Request for Proposal 16PBGC24R0010 Attachment 3 - Phase I Mandatory Requirements Questionnaire.pdf
    The document outlines the Phase I Mandatory Requirement Questionnaire for the Custodian Banking Services Request for Proposal (RFP) No. 16PBGC24R0010, issued by the Pension Benefit Guaranty Corporation (PBGC). It specifies several mandatory criteria that the Custodian Bank must meet to qualify for the RFP. Key requirements include having at least $4 trillion in assets under management, a minimum of five clients with assets exceeding $40 billion, a decade of experience in Master Trust/Custodial services, secure web-based access for custom report generation, involvement in a multi-asset class conversion of at least $5 billion within the last five years, and the ability to provide performance measurement services. The document requires the Custodian Bank to affirm its compliance with these criteria through a series of yes/no responses and an authorized signature for certification. This questionnaire emphasizes the stringent qualifications needed to ensure that the selected Custodian Bank possesses substantial experience and capabilities, underscoring the importance of security and performance measurement in the banking services provided to the PBGC as part of the broader governmental financial framework.
    DRAFT PBGC Request for Proposal 16PBGC24R0010 Attachment 4 - Phase II Procedures Processes and Policies Verification.pdf
    The document outlines the verification requirements for written procedures, processes, and policies related to the Custodian Banking Services Request for Proposal No. 16PBGC24R0010. It mandates that the Custodian Bank must confirm its procedures for various accounting tasks within ninety days of contract award, including the pricing of alternative investments, tax lot accounting, income accruals, and maintaining accurate financial reporting. The document is structured into sections for written procedures, processes, and policies, with checkboxes for the offeror to indicate compliance. Additionally, it emphasizes the need for historical data availability and maintaining internal controls compliant with GAAP. The Custodian Bank is also required to provide these details upon request within a specified timeframe. The aim is to ensure that the selected bank has robust systems in place for effective financial management and accountability in handling PBGC funds.
    DRAFT PBGC Request for Proposal 16PBGC24R0010 Attachment 5 - Phase II Performance Analytics Questionnaire.pdf
    The document outlines a Performance Measurement and Analytics Questionnaire related to the Request for Proposal (RFP) for Custodian Banking Services No. 16PBGC24R0010, aimed at evaluating service providers' capabilities for the Pension Benefit Guaranty Corporation (PBGC). Key areas of focus include the provision of templates and samples of reporting, multi-currency and global performance measurement, and customization of online systems. The questionnaire seeks detailed insights into the organizations' software capabilities, including compatibility with PBGC's needs, the ability to calculate performance metrics net and gross of fees, and the handling of derivatives. Several questions also address the consistency of performance data, availability of raw data, security classification systems, and performance attribution models. Additionally, it probes the verification of returns and audit procedures. This document serves as a critical framework for PBGC to assess how potential custodians can meet their performance analytics needs, ensuring not only the adequacy of services but also compliance with specific reporting and operational standards.
    DRAFT PBGC Request for Proposal 16PBGC24R0010 Attachment 6 - Phase II Securities and Lending Questionnaire.pdf
    The Phase II Securities Lending Questionnaire is part of the Custodian Banking Services Request for Proposal No. 15PBGC24R0010. It seeks detailed information about the responding organization's securities lending and cash collateral management teams. Key inquiries include organizational structure, revenue from securities lending, legal compliance, client demographics, and lending strategies. The document is structured into sections addressing clients, lending program profiles, borrower selection, indemnification and risk management, cash collateral management, and reporting capabilities. Central themes include understanding the operational framework, ensuring compliance with fiduciary duties, assessing borrower creditworthiness, and identifying risks associated with securities lending. Additionally, the questionnaire demands comprehensive disclosures about cash collateral performance, loan allocation processes, and the establishment of indemnification measures for clients. It underscores both transparency and risk management perspectives essential for potential partnerships in federal securities lending activities. The responses will influence PBGC's decision-making regarding firm selection for their securities lending program.
    DRAFT PBGC RFP 16PBGC24R0010 Attachment 2 - Pricing Schedule.xlsx
    The document is a draft for a federal Request for Proposal (RFP) detailing the pricing structure for various financial custodial and management services over multiple contract periods, including base and option years. It outlines specific fee categories required from offerors, such as custodial account fees, asset-based fees, custody fees, transaction fees, income collection processes, foreign exchange fees, wire transfer fees, and more. Each section specifies how pricing should be presented, indicating that offerors must enter their pricing in designated fields. Additionally, it includes projections for international holdings and global trade transactions, with a particular focus on expected revenue from securities lending. Various assumptions regarding collateral reinvestment and service pricing are highlighted, guiding offerors on pricing estimates based on historical data. The document's structure reflects a comprehensive breakdown of financial services needed by a federal entity, aiming to collect competitive offers while ensuring clarity on fees and services expected from potential contractors, thereby enhancing governmental fiscal management and compliance in managing significant asset holdings.
    DRAFT PBGC RFP 16PBGC24R0010 Attachment 9 - QandA Template.xlsx
    The document is a template designed for government solicitations, specifically for use in the submission of questions and answers regarding Requests for Proposals (RFPs) or related grants. It provides a structured format for contractors to reference specific paragraphs from the solicitation document while posing questions to the government. Each entry in the template includes a section for the solicitation number, the company name, and designated parts and paragraph titles for clarity. The primary purpose is to facilitate communication between offerors and government representatives, ensuring that inquiries about the solicitation can be appropriately addressed. By maintaining this organized format, the government aims to streamline the procurement process and improve transparency in vendor interactions. The overall goal is to ensure that potential contractors receive clear responses to their queries, enhancing the efficiency and efficacy of governmental contracting processes.
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    Custodian Banking Services Draft Solicitation
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